Joel R. Glucksman
Partner
201-896-7095 jglucksman@sh-law.comFirm Insights
Country Music Star Eddie Montgomery Files for Bankruptcy
Author: Joel R. Glucksman
Date: January 16, 2014
Key Contacts
Back
Eddie Montgomery shot to fame as half of the country music duo Montgomery Gentry. The pair have released six studio albums – three of which certified platinum – and had more than 20 chart singles.
It appears however that Montgomery has fallen on some hard times, as the singer recently filed for individual bankruptcy. In U.S. bankruptcy court, he listed $13.4 million in liabilities and $1.9 million in assets.
Montgomery had had to put his failed restaurant up for sale – Eddie Montgomery’s Steakhouse, which closed last May and is scheduled to be sold in a master commissioners’ sale on January 10. The proceeds from the sale will be used to pay his near $12.7 million in defaulted loans to Central Bank & Trust of Lexington. The loans were guaranteed by Montgomery, and his bankruptcy filings show around $8.4 million in claims – most related to the restaurant, according to the Lexington Herald-Leader.
Montgomery is also listing his house for sale, which sits on 273 acres of land, for $1.25 million, which will also be used to help pay the debt he owes banks. Two of the major events that led to Montgomery’s bankruptcy were his divorce and the failure of his restaurant, which isn’t uncommon.
- Practices: Bankruptcy & Creditors' Rights, Corporate Transactions & Business
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
Failing to Comply With NJ Rent Control Exemption May Prove Costly
What Developers Need to Know About New Jersey’s Rent Control Exemption Law to Ensure Entitlement to Exemption for Newly Constructed Multi-family Housing. A property owner in Jersey City is facing a $400 million federal class action lawsuit alleging that the landlord did not follow the procedural steps required to be eligible for exemption from local […]
Author: Patrick T. Conlon
Crypto Securities Law: When Tokens Become Investment Contracts
The application of traditional federal securities laws to crypto assets continues to evolve. In some cases, the Securities and Exchange Commission (SEC) considers tokens and other digital assets to be securities. This makes them subject to federal securities law, including the Securities Act of 1933 and the Securities Exchange Act of 1934. This classification has […]
Author: Bryce S. Robins
The Due Diligence Process for NY Condominiums and Cooperatives
While the New York City real estate market can be extremely competitive, moving too quickly often backfires. Before purchasing a condominium or cooperative in New York City, it is important to do you homework. Purchasing property in NYC can involve a dizzying number of legal issues. These include condo and co-op rules, rent restrictions, and […]
Author: Jesse M. Dimitro
Smart Contract Legal Issues: Drafting Agreements for Blockchain
Smart contracts feature a unique blend of legal agreement and technical code. This innovation has the potential to reshape how business is conducted. At the same time, smart contract legal issues around enforceability, jurisdiction, identity, and compliance are common. The legal framework for these self-executing agreements is still evolving. What Are Smart Contracts? Smart contracts, […]
Author: Bryce S. Robins
Are Stay Interviews the Key to Retaining Top Talent?
Retaining top talent continues to be one of the greatest challenges facing employers today. Even in an employer’s market, the loss of a key employee can disrupt operations and result in significant costs. While compensation plays a role, long-term retention often depends on workplace culture, communication, and employee engagement. One increasingly popular strategy for improving […]
Author: Angela A. Turiano
Why Secured Transactions Are Important
Secured transactions form the backbone of a wide range of business dealings, including business loans, mortgages, and inventory financing. Because the stakes are often high and relatively minor oversights can have drastic consequences, lenders and borrowers should thoroughly understand how to form an enforceable security agreement that protects their legal rights. What Is a Secured […]
Author: Dan Brecher
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.